Dayton Ohio Real Estate and Mortgages Information

We need to Stop Foreclosures...says Fed Chair.

Fed Chair Bernanke spoke today on the serious problems facing the national real estate market and his statements ring very true here for our Dayton Ohio Real Estate market.  You see the Dayton Ohio real estate market was 15th in the nation for 2007 to total percentage of households being foreclosed on.  The Dayton Ohio real estate market saw 14,285 foreclosure filings, up aver 145% over 2006.

Foreclosure impact on Dayton Ohio real estate:

According to Bernanke, the current mortgage delinquency rates have increased sharply and that is exacerbating the contraction in the housing sector.  So what can be done to reduce and stop foreclosure?

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As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

I recently heard this story: 

    "Is the lender required to honor a pre-approval?  My lender pulled credit and said everything was great.  Now two weeks later after all of the vendor work they are saying my credit doesn't qualify based on the same report they originally pulled.  They claimed to have missed something before.  What should I do?" 

Read: Dayton Ohio Mortgage Broker Terms: Revealed for more in depth definitions.

This is a huge issue in the Dayton Ohio Mortgage Broker industry and frankly it drives me crazy.  Which brings me to the pressing issue: 

What is the difference between a Pre-Approval and Pre-Qualification?

If you are starting your Dayton Ohio home search you must know the difference.  Not having the correct information can cost you thousands.

What is a Dayton Ohio Mortgage Brokers Pre-Approval?

A written commitment from the lender after reviewing income, debts, assets, employment history and any other resources that could help prove the credit worthiness of the client.  A pre-approval is basically underwriting a file without a property address.  The final approval is pending an appraisal, title search and no change in the borrowers income, assets, employment, etc.  As a Dayton Ohio Mortgage Broker when I issue a pre-approval I do the following things to ensure that the loan will close:

1. Ask about the sources of income to make sure that they can be verified
2. Pull a tri-merge credit report
3. Run the file through an automated underwriting system
4. Ask for proof of assets to ensure they are from an acceptable source

As a Dayton Ohio Mortgage Broker I would suggest that you always go the extra step to get a pre-approval, not a pre-qualification.  Read the following article from the National Association of Realtors as to why a pre-approved buyer has a leg up on the competition.

To calculate your mortgage payment click on the calculator below!!!

What is a Dayton Ohio Mortgage Broker Pre-Qualification?

You may have hear the term "not worth the paper it is written on", that is a perfect example of what a pre-qualification from a Dayton Ohio Mortgage Broker is.  Unfortunately over the past several years Dayton Ohio Mortgage Brokers have gotten into trouble with breezing through a loan application and not asking the right questions and putting buyers into a position where they can't complete the purchase because of financing. 

Buyer beware of a Dayton Ohio Mortgage Broker that seems unsure of how to read your credit report or calculate your income.  A pre-qualification consists of similar questions as a pre-approval but will be lacking a tri-merge credit report, automated underwriting findings and a complete loan application.

Why does a Pre-Qualified Buyer hold all the cards in Dayton Ohio?

With a larger number of homes on the market a pre-qualified buyers offer will be taken more seriously by a seller.  The good homes are still getting multiple offers after several days on the market, no seller wants to accept an offer from a buyer without a pre-approval letter.  A pre-approval letter will help you determine if you are searching for homes in the right price range.  There are good deals to be had and pre-approved buyers will have them.  See The Best Deal in Dayton Ohio Real Estate to find your next great deal or your first one!!!

For a FREE Pre-Approval please e-mail me at Laura@MarkRyanGroup.com. 

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

Wright Patterson Air Force Base:

That's right... Wright Patterson Air Force Base is a Dayton Ohio community in and of it's self... Wright Patt or WPAFB as it is commonly know is a vital and welcome part of the Dayton Ohio area. You will often see military personnel out and about and very ofter see large groups together for lunch in the communities very close to the Air Base.

Highlights and Base Information:

• Wright Patterson Air Force Base home page
• WPAFB newspaper the Skywrighter
• BAH for Wright Patterson Air Force Base, with Dependents CLICK HERE
  
• BAH for WPAFB, Without Dependents CLICK HERE
• Want to use Base Housing? Learn more here...
• Would you rather search for a home off base? Search EVERY home listed for sale Here.
• Will you be joining the Air Force Research Laboratory? Visit here.
  
• Coming to Dayton / WPAFB for AFIT? Click Here.

Read More: All Dayton Ohio Communities

Basic Facts:

• Wright Patterson Air Force Base is located in Greene and Montgomery counties in Ohio. 8 miles NE of the Dayton Ohio central business district and within the city limits of Riverside and adjacent to Beavercreek and Fairborn.
  
• Named after the Wright Brothers and the Patterson family (owners of NCR, National Cash Register) and is referred to as the birth place of aviation...
• Wright Patterson AFB is headquarters for the Air Force Materiel Command, Air Force Institute of Technology and the National Museum of the United States Air Force (what used to be called the US Air Force Museum)
• As of 2005 WPAFB had a work force of 5517 military and 8102 civilians.

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As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

City of Centerville Ohio:

I call the City of Centerville / Washington Township home. My wife was raised here and graduated from Centerville High

School. Our daughter attends the Centerville schools system and love it. Why do we love Centerville? There is so much to offer... Fine dining, spacious parks, award winning schools, cultural events and easy access to Cincinnati, Columbus and or course the surrounding communities in the greater Dayton Ohio area. You get all the "big city" convenience and a "small town" atmosphere.

Highlights of what Centerville / Washington Township have to offer:

• Beautiful downtown center featuring many unique speciality shops and dining, all set amid Ohio's largest collection of early stone buildings.
  
• 43 parks, nature programs and green space of over 900 acres inviting you and your family to enjoy and explore.
• The Golf Club at Yankee Trace is rates on the the top 10 municipal course's in America by Golf Digest and is right here for you to enjoy... featuring 27 challenging holes and a nicely appointed club house complete with dining and banquet facilities.

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As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com